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Bill would require actuarial reviews of life‑care CCRC contracts to boost transparency for residents
Summary
House Bill 2,384 would require continuing care retirement communities that sell life‑care contracts to submit actuarial analyses every other registration cycle for review by the Office of the Insurance Commissioner; supporters say it protects residents, some industry witnesses warned about scope and costs.
Representative Macri introduced House Bill 2,384 on Jan. 23, telling the House Health Care and Wellness Committee she has worked on continuing‑care retirement community (CCRC) policy since 2017 and framed the bill as a transparency measure to protect residents. The bill would require CCRCs that offer life‑care contracts — agreements that promise nursing, medical or personal care in exchange for an entrance fee plus periodic payments — to submit an actuarial analysis with every other registration cycle to the Department of Social and Health Services (DSHS). DSHS would forward those analyses to the Office of the Insurance Commissioner (OIC) for review, and the OIC would assess whether a community’s actuarial balance is sufficient to meet…
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